Believe it or not, you can register your company in Singapore in as little as day ! This incredible turn around is largely due to Singapore’s open attitude towards welcoming investment into the country. If the company to be incorporated is a public company, for example, a Public Company Limited by Guarantee (CLG), approval is required for the proposed name as well as the incorporation of the company. The approval will also take weeks to months for each submission.
Thus opening a Singapore Company is a very simple and swift process. Contrary to popular belief, the country offers ease of doing business which includes company incorporation within just hours.
Company incorporations in Singapore are mandated by ACRA (Accounting and Corporate Regulatory Authority). The time it takes to register a Company in Singapore may be within a day. However it may take days to months if application needs to be referred to another government agency for approval as per List of Referral Authorities. In Singapore, the company can be setup within an hour if all the documents are in order.
When you incorporate with Rikvin, our computerised proprietary software system can generate the required documents within minutes. Once the necessary incorporation papers are signe we can proceed to do the filing with the company registrar and the outcome of the incorporation is almost instant. However, it goes higher if you consider other mandatory requirements like Company Secretary, Registered Address, etc.
Let our experienced company incorporation specialists assist you in all phases of company formation in Singapore. Downloads (A) Model Constitution.
A copy of your company ’s constitution must be submitted when applying to incorporate your company. If you do not wish to create your own constitution, you may choose to adopt the applicable Model Constitution below. Therefore, it is safe to say that the overall process of incorporating a company in Singapore can take up to two months, depending on the case. Usually, a company can be incorporated in 1-days.
Once approve the name will be reserved for you for days from the date of approval. Incorporation of the Company. We recommend you to seek professional advice from a qualified incorporation agency on matters related to starting a business in Singapore. Singapore is also been noted as being the easiest place a person can set up a company and conduct business.
It can take a person less than one hour to set up their business in Singapore. Singapore is full of people with different backgrounds (architecture, art, cultures and languages), which gives the area an eclectic feel. The incorporation process is straightforward.
However after incorporation , the company may apply to Singapore authorities for the removal of the word “Limited” from its name. One condition of this exclusion is that the company does not distribute profits. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure.
If there is no objection during the months after the First Gazette Notification, ACRA will publish the name in the Government Gazette and the company name will be struck off. This is referred to as the Final Gazette Notification. The entire process will take at least months.
Singapore companies have plenty of options when it comes to opening a corporate bank account.
A shareholder can be an individual or another corporation, including a foreign corporation. Create minutes of the first board meeting. With numerous requirements, tedious procedures and strict timelines to follow, open new company in Singapore is often cumbersome and intimidating.
However, companies are subject to more compliance requirements (such as filing of annual returns and holding of annual general meetings) and may also take longer to be wound up (it can take months for a company to be removed from the register, compared to a few minutes for partnerships or sole proprietorships). The application fee is S$and the entire process typically takes around five months. If the company has not been dormant since incorporation, it should attach the latest set of audited accounts. While it is extremely easy to incorporate and get your business up and running in Singapore (the World Bank study found that it takes an entrepreneur just two and a half days to open a business in Singapore ), the enhanced measures recommended by the Financial Action Task Force (“FATF”) with regards to improving the transparency of ownership.
There are three sizes of a local company and they are: i) a small size company with a paid up capital between US$7to US$343 ii) medium size entity with a share capital between US$34to US$747and iii) a large company that requires a share capital above US$74740. To sponsor foreign employees, the minimum size is a medium-sized.